Sharefield Founding Member Saves $1.2 million over last decade

RISK PROFILE:

Large manufacturing facility with extremely complex, quality sensitive process to produce product that is a critical component in products of others. 300 plus employees, over 20 million in payroll, and a heavy fleet.

CHALLENGE:

Traditional carriers were excessively pricing their program due to lack of knowledge of their business, poor claim management leading to excessive claim costs and upset employees, and an overall lack of resources to help them improve where needed.

THESIS:

By pooling risk with other like-minded companies that were part of their group purchasing organization, they could buy with more scale, be truly individually underwritten, and exercise significantly more control over the claims process.

RESULT:

The Founders have realized tremendous cost savings against the growth of the business, paying a 56% lower workers compensation rate from 2011, with fleet liability rates increasing only 12.37% over the same time period (a rapidly hardening market). They also have significantly more employee satisfaction and less loss of productivity when the now rare employee accident does occur. Accidents have dropped off significantly due to loss control resources intimately familiar with their operation working on their behalf. Estimated savings over last 10 years of $ 1,200,000.